A comparative study of expenditure, revenue, and franchise value functions in professional sports
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ABSTRACT:
Data published by Financial World were adapted and analyzed in this investigation. For all major professional team sports franchises a data file including the following variables was created for the 1994 season: (a) franchise, (b) sport, (c) gross gate receipts, (d) media revenues, (e) stadium revenues, (f) total revenue including gross gate receipts, media and stadium revenues as well as licensing and merchandising figures not included in (c) through (e), (g) player costs, (h) nonplayer expenses, (i) operating expenses combining player and nonplayer expenses, (j) operating income, and (k) franchise value. After converting all variables to logarithms in order to meet the multiple regression assumptions, the outcomes of linear functions are reported under three rubrics: (a) modeling franchise revenues, (b) modeling franchise expenditures, and (c) modeling franchise values for: (1) all sports combined, and (2) each sport separately. After reporting the results of the present analysis, the relative importance of these variables is contrasted (e.g., in football) with two decades ago.
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